CORRECT-A-MUNDO, INDEED THUMBS UP FOR 'HAPPY DAYS' THE MUSICAL.

Byline: Evan Henerson Theater Critic

COLOR ME am-AAAY-zed.

Admit it, a certain number of you folks out there in readerland even now are fighting off icy-cold waves of slime-sensing despair at the very mention of the title, ``Happy Days, Aaay! It's a Musical.'' C'mon,'' you're saying. With so many rotten movies available to transform into stage musicals, who needs a stage appearance by the Fonz, the Cunninghams and the gang at Arnold's diner?

In fact, L.A. does. And it really needs the part-nostalgic, part-spoofing production served up by writer/director Garry Marshall, who - let's face it - knows the workings of ``Aaay'' better than any man not named Winkler.

Marshall, remember, created the sitcom, which ran for 11 seasons. At the Falcon Theatre, he and composer/lyricist Paul Williams have refashioned ``Happy Days'' into a two-hour, movie-length single episode with a bunch of lesser plot threads lining up without jockeying each other for position. Keith E. Mitchell's set is a giant jukebox, out of which emerges the single booth of Arnold's diner. The stairway leading to Fonzie's above-garage apartment and several other familiar show touches are faithfully re-created.

Avoiding flat-out nostalgia, Marshall simultaneously celebrates and tweaks his iconic characters, even pointing them - with a knowing kindness - toward the 1960s. Richie and the gang are headed for college. Marion Cunningham decides, to her husband's amazement, that she wants to leave the home and get a job.

All the familiar names are accounted for: Richie, Joanie, Chachi, Pinky Tuscadero, Ralph Malph, Potsie, Lori Beth. Driving the action is Arthur ``The Fonz'' Fonzarelli, whose crisis of cool is the plot's springboard. Marshall even places the Fonz side by side with James Dean and Elvis Presley in a dream sequence trio titled ``Guys Like Us.'' Yes, the Fonz has a cultural/historical context and, as played by erstwhile New Kid on the Block Joey McIntyre, he carries a tune mighty well.

Wearing the leather and wielding the magic finger snap can't be an easy assignment for any performer. McIntyre has a bit of Dean's diffidence, but he's imitating nobody. We don't get the sense that, underneath all that cool, the Fonz is a home-loving softie. In McIntyre's hands, the Fonz suffers the changing decade with a dignity that frequently comes across as stubbornness.

This being an all-out comedy, nobody is suffering much of anything. Marshall is never loath to toss in an inside joke about the series (yes, there's a ``jump the shark'' line and a reference to forgotten brother Chuck) or even a ``Princess Diaries'' yuk. When the musical builds toward its climactic tag-team wrestling match with the Fonz and Pinky (played by Audra Blaser) taking on the Malachi brothers (Paul C. Vogt and Matt Merchant), the action of the play literally stops to allow shtick-master Vogt to banter with the audience and feast on the scenery.

``Happy Days'' is a sprightly balancing act. The ``Days'' devoted should find plenty that's familiar while at the same time appreciating the 21st-century edge and sensibility from which this project has sprung.

The music holds up as well. Best-known as an all-purpose pop man, Williams demonstrates a flare for songs that are both tuneful and capable of plot advancement. Marion Cunningham (Cynthia Ferrer) and daughter Joanie (Christine Lakin) share a progressive duet, ``What I Dreamed Last Night,'' and the score reaches its ruefully tender crescendo with the second-act ballads ``The Saddest Surprise'' and ``Dancing on the Moon,'' before closing with, uh huh, the ``Happy Days'' theme. Choreographer Randy Skinner by no means restricts his dancers to sock hops. There's a whole lotta movement - tap included - going on.

What else can I say? The show is, well, very cool.

Evan Henerson, [phone]

evan.henerson(at)dailynews.com

HAPPY DAYS - Three and one half stars

Where: Falcon Theatre, 4252 Riverside Drive, Burbank.

When: 8 p.m. Tuesday through Friday 3 and 8 p.m. Saturday, 4 p.m. Sunday; through March 12.

Tickets: $25 to $37.50. [phone].

In a nutshell: Overlook the title and any preconceived notions. The musical, by the man who created the series, is much fun and quite cool.

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